Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Carrying Values and Fair Values of Debt Instruments

The carrying values and fair values of debt instruments are as follows (in thousands):


	September 30, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Recourse debt	$	599,333	$	542,088	$	230,660	$	230,660
Senior debt	1,935,698		1,938,292		1,722,730		1,733,767
Subordinated debt	1,114,488		1,101,339		934,386		958,880
Securitization debt	2,487,287		2,549,224		1,908,369		2,012,283
Total	$	6,136,806	$	6,130,943	$	4,796,145	$	4,935,590

Schedule of Fair Value, Financial Instruments Measured on Recurring Basis

At September 30, 2021 and December 31, 2020, financial instruments measured at fair value on a recurring basis, based upon the fair value hierarchy, are as follows (in thousands):


	September 30, 2021
	Level 1		Level 2		Level 3		Total
Derivative assets:
Interest rate swaps	$	—	$	26,883	$	—	$	26,883
Total	$	—	$	26,883	$	—	$	26,883
Derivative liabilities:
Interest rate swaps	$	—	$	88,273	$	—	$	88,273
Total	$	—	$	88,273	$	—	$	88,273
Contingent consideration:
Contingent consideration	$	—	$	—	$	1,653	$	1,653
Total	$	—	$	—	$	1,653	$	1,653


	December 31, 2020
	Level 1		Level 2		Level 3		Total
Derivative assets:
Interest rate swaps	$	—	$	5,218	$	—	$	5,218
Total	$	—	$	5,218	$	—	$	5,218
Derivative liabilities:
Interest rate swaps	$	—	$	175,444	$	—	$	175,444
Total	$	—	$	175,444	$	—	$	175,444
Contingent consideration:
Contingent consideration:	$	—	$	—	$	4,653	$	4,653
Total	$	—	$	—	$	4,653	$	4,653

Schedule of Contingent Consideration

The following table summarizes the activity of Level 3 contingent consideration balance in the nine months ended September 30, 2021 (in thousands):


Balance at December 31, 2020	$	4,653
Change in fair value recognized in earnings within sales and marketing expense	(3,000)

Balance at September 30, 2021	$	1,653